Daqo New Energy (NYSE:DQ) Sets New 12-Month Low at $14.06

Daqo New Energy Corp. (NYSE:DQ) shares reached a new 52-week low during mid-day trading on Monday . The company traded as low as $14.06 and last traded at $14.06, with a volume of 190871 shares changing hands. The stock had previously closed at $15.20.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. HSBC reissued a “reduce” rating and set a $17.50 target price (down from $23.50) on shares of Daqo New Energy in a research report on Monday, May 6th. The Goldman Sachs Group initiated coverage on shares of Daqo New Energy in a research report on Thursday, July 11th. They issued a “buy” rating for the company. StockNews.com downgraded Daqo New Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, August 13th. Finally, Roth Mkm reissued a “neutral” rating and issued a $23.00 price target on shares of Daqo New Energy in a report on Tuesday, April 30th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $21.83.

Daqo New Energy Trading Down 6.3 %

The company has a market cap of $940.60 million, a price-to-earnings ratio of 7.14 and a beta of 0.28. The firm has a 50-day moving average price of $16.35 and a 200 day moving average price of $20.30.

Daqo New Energy announced that its Board of Directors has authorized a share repurchase plan on Monday, July 22nd that allows the company to buyback $100.00 million in shares. This buyback authorization allows the semiconductor company to buy up to 8.6% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Daqo New Energy

Several hedge funds have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. grew its stake in shares of Daqo New Energy by 117.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,588 shares of the semiconductor company’s stock worth $42,000 after purchasing an additional 858 shares during the last quarter. Blue Trust Inc. raised its position in shares of Daqo New Energy by 12,187.5% in the second quarter. Blue Trust Inc. now owns 1,966 shares of the semiconductor company’s stock valued at $29,000 after purchasing an additional 1,950 shares during the period. Quadrant Capital Group LLC boosted its holdings in Daqo New Energy by 39.4% during the fourth quarter. Quadrant Capital Group LLC now owns 2,348 shares of the semiconductor company’s stock valued at $62,000 after acquiring an additional 664 shares during the period. AXA S.A. grew its holdings in Daqo New Energy by 202.3% in the 2nd quarter. AXA S.A. now owns 6,387 shares of the semiconductor company’s stock valued at $93,000 after buying an additional 4,274 shares during the last quarter. Finally, Signaturefd LLC increased its position in Daqo New Energy by 112.4% during the fourth quarter. Signaturefd LLC now owns 6,839 shares of the semiconductor company’s stock worth $182,000 after acquiring an additional 3,619 shares during the period. Institutional investors own 47.22% of the company’s stock.

About Daqo New Energy

Daqo New Energy Corp., together with its subsidiaries, manufactures and sells polysilicon to photovoltaic product manufacturers in the People's Republic of China. Its products are used in ingots, wafers, cells, and modules for solar power solutions. The company was formerly known as Mega Stand International Limited and changed its name to Daqo New Energy Corp.